Money

Rupees and Paise

• The currency is the system of money used in the country.
• In India, the currency of money used is Indian Rupees
• It can be in the form of notes and coins.

Notes are larger unit of money and coins are smaller unit of money.

Relation between Rupees and Paise.

Conversion of Rupees and paise

• To convert rupees to paise, we multiply it by 100.
• To convert paise to rupees, we divide it by 100.

Example 1:

Convert 15 rupees to paise.

Solution:

Multiply 15 by 100 to convert 15 rupees to paise.
15 × 100 = 1500
Therefore, 15 rupees = 1500 paise.

Example 2:

Convert 1000 paise to rupees.

Solution:

Divide 1000 by 100 to convert 1000 paise to rupees.
1000 ÷ 100 = 10
Therefore, 1000 paise = 10 rupees.

Writing money in figures and words

• The symbol used to represent rupees is “₹” or “Rs”.
• The symbol used to represent paise is “p”.
• The rupees and paise when written together in figure are separated by “.”.

Example :

15 rupees 10 paise is written as 15.10.

Example :

Similarly, 25.05 in words is written as twenty-five rupees and five paise.

Addition of money

The steps to add moneys are the following:

• Add the paise. If the paise is more than 100 then subtract 100 from it and add 1 to the rupees.
• Add the rupees.

Example 1:

Add ₹25.75 and ₹15.35.

Solution:

Step 1: Add 75p and 35p.

   75p + 35p = 110p

   The total paise is more than 100. Therefore, subtract ₹100 from ₹110.

   110 – 100 = 10

Step 2: Add ₹25, ₹15 and ₹1.

   ₹25 + ₹15 + ₹1 = ₹41

   Therefore, the sum is 41.10.

Alternative way:

Subtraction of Money

The steps to subtract moneys are the following:

• Subtract the paise. If the paise is negative then add 100 to it and subtract 1 from the rupees.
• Subtract the rupees.

Example :

Subtract 15.75 from 17.35.

Solution:

Step 1: Subtract 75p from 35p.

   35p – 75p = −40p

   The total paise is negative. Therefore, add 100 to it.

   100 + (−40) = 100 – 40 = 60

Step 2: Subtract ₹17 from ₹15.

   ₹17 - ₹15 = ₹2

Step 3: Subtract ₹1 from ₹2.

   ₹2 – ₹1 = ₹1

   Therefore, the difference is ₹1.60.

Alternative way:

Multiplication of Money

• Multiply each number of the multiplicand by the multiplier.
• Place a decimal point after two digits from the right in the obtained product.

Example :

₹25.05 × 2